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In this blog, Andrew Rear, Chair of the Mortality Assumptions in Pensions Working Party, explains what prompted the IFoA Risk Alert on Disclosure of Information relating to models
The Population Health Management Working Party was formed in September 2018. We have circa 20 members including actuaries, academics and health professionals, including international representation, from a wide range of organisations, including insurers, consultancies and the UK’s National Health Service.
The Resource and Environment (R&E) practice area is increasingly important to the IFoA, highlighting relevant issues for traditional actuarial work and giving opportunities for members of the profession to get involved in new areas. Issues around climate change, sustainability and resource constraints will be featured in their webpages. A new landing page has been created which brings together articles written by IFoA Members on these topics.
The Joint Forum on Actuarial Regulation (JFAR) has published its Risk Perspective: 2018 Update.
In the JFAR risk perspective, climate related risks were again highlighted as being of key important to actuaries. JFAR reiterated the nature of the risks that actuaries should now be considering in their work, highlighted some of the recent developments and provided links to a number of useful reference documents.
In this blog, Paul Tynan, a Trainee Consultant at Barnett Waddingham, weighs up two popular routes into an actuarial career: consultancy firm or insurance company.
Students at the IFoA may submit an appeal against an exam result decision. If you are thinking about making an appeal, please be aware of what grounds you can base your appeal on.
When you submit a Stage 1 appeal, the IFoA will make an initial assessment of your application to ensure it meets the appeal threshold for further investigation. You may submit appeals for the following reasons:
1. Irregular procedure or improper conduct of an assessment
One of the key performance indicators in the IFoA annual corporate plan measures volunteer satisfaction. This is measured by the annual volunteer satisfaction survey undertaken in February 2019, and we are delighted to report that this year, the 2018/2019 Volunteer Satisfaction Survey has succeeded in achieving a result of 82% ‘satisfied / ver
Rebecca Deegan, Head of Policy at the IFoA considers whether it’s time to take another look at UK pensions uprating.
Today the House of Lords Intergenerational Fairness and Provision Committee has recommended that ‘the triple lock for the State Pension should be removed. The State Pension should be uprated in line with average earnings to ensure parity with working people.’
Our Terms of Reference
We were tasked with considering how policyholder responses to an extreme situation might have a significant impact on insurers. We have considered a broad range of potential extreme scenarios, driven both by economic factors and by other factors such as social change or medical advances. Further information is available on the IFoA website.
Past Experience is of Limited Help
The introduction of the ‘pensions freedoms’ and the current low interest rate environment have both contributed to a relatively high level of transfer values from defined benefit schemes. Against this background the IFoA’s Current Pensions Review Working Party is undertaking some research into the way in which transfer values are determined, and would welcome members’ input to this process through the completion of this short survey. Responses are invited from those outside the Pensions Industry as well as those working within it.
The deadline to complete the survey is 31 May.
Other actuary news
Added: Mon, 20/05/2019 - 16:33The UK's financial services sector could enjoy a £106bn boost by 2030 as a result of technological advancements, changing customer behaviour and demographic shifts.
Added: Wed, 15/05/2019 - 18:00A growing number of UK businesses and consumers are ending their insurance coverage because they can no longer afford it, research from finance company Premium Credit has revealed.
Added: Wed, 15/05/2019 - 16:00Life expectancy assumptions in the UK will be back to the same levels last seen in 2009 by the end of this year, research by professional services firm KPMG has uncovered.
Added: Tue, 14/05/2019 - 16:40Pension fund returns performed strongly in the first quarter of this year but annuity rates declined, research by Moneyfacts UK has found.
Added: Mon, 13/05/2019 - 17:05The first three months of 2019 saw global InsurTech investment surpass $1bn (£0.6bn) for the third consecutive quarter as multiple records were smashed.
Added: Fri, 10/05/2019 - 18:00Insurers face threats from a lack of underwriting discipline, more robust market regulation and scrutiny and consequent exposure of management deficiencies.
Added: Thu, 09/05/2019 - 09:00Regular charity runner Charles Cowling recently completed one of the world's six marathon majors, Tokyo, with son and actuarial student Tom.
Added: Thu, 09/05/2019 - 09:00Congratulations to our most recently accredited organisations, Little & Company, Lux Actuaries & Consultants and AIA Thailand.
Added: Wed, 08/05/2019 - 15:15Global oil and gas firms are not disclosing enough information for investors to weigh up how growing concerns about climate change might affect that company's future production and long-term viability, Carbon Tracker has said.
Added: Wed, 08/05/2019 - 14:30Defined benefits (DB) pensions schemes are approaching an endgame, pensions consultancy Barnett Waddingham has said in its annual survey of the sector.